In a Perpetual Inventory System,two Entries Are Normally Made to Record

question 105

Multiple Choice

In a perpetual inventory system,two entries are normally made to record each sales transaction.The purpose of these entries is best described as follows:

• A)One entry recognizes the sales revenue and the other recognizes the cost of goods sold.
• B)One entry records the purchase of merchandise and the other records the sale.
• C)One entry records the cost of goods sold and the other reduces the balance in the Inventory account.
• D)One entry updates the subsidiary ledger and the other updates the general ledger.

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Definitions:

ABCDE Rule

A guideline for assessing the severity of sunburn and the potential for skin cancer, highlighting Asymmetry, Border irregularity, Color variations, Diameter, and Evolving size or shape.

Melanoma

A type of skin cancer that develops from the pigment-producing cells known as melanocytes, often characterized by the uncontrolled growth of abnormal skin cells.

Melanocytes

Cells located in the skin and hair follicles that produce melanin, giving skin, hair, and eyes their color.

Melanin

A pigment produced by melanocytes in the skin, hair, and eyes, responsible for coloration and protection against ultraviolet light.